First things first, establish whether you are under an obligation to make payment. If you’ve already received the goods/services then it’s likely that you will need to make payment even if you do not have a written contract in place. If you haven’t yet received the goods/services then you may still be under an implied or express obligation to do so. Implied terms of a contract derive in part from custom and practice and past conduct so consider what is standard in your industry and how the parties have acted in the past.
If you do have a written contract then consider its terms carefully especially the following provisions: payment terms, termination, consequences of termination and force majeure.
Of course, in such circumstances communication can go a long way – if you can’t afford to make the whole payment now could you agree to make part payment or payment by instalments?
See answer above!
It is also well worth checking to see whether your contract contains a dispute resolution mechanism as you may be obligated to resolve disputes via a particular process including alternative dispute resolution.
If you need any advice or assistance:
please contact the Corporate and Commercial Team at Poole Alcock on 0800 389 7093 or complete a contact form and we will call you back.
Where a company has more than one shareholder it is important for those shareholders to consider how their relationship will be regulated. The articles of association provide some mechanisms for regulating the relationship between company shareholders but the articles of association are a publicly available document and so it is wise to consider if private regulation is needed too.
A shareholders’ agreement is a private contract entered into between shareholders of a company (and sometimes the company itself); it can cover some or all of the following:
Whilst it may seem morbid to consider you or your co-shareholders becoming unwell or dying, it is important to make provision for such eventualities to avoid disputes later down the line.
If you need any advice or assistance:
please contact the Corporate and Commercial Team at Poole Alcock on 0800 389 7093 or complete a contact form and we will call you back.
As a sole trader or partner in a partnership you have personal liability for the debts and obligations of your business. In these uncertain times, such personal liability can be very worrying. One of the key ways to protect your personal assets and wealth from your business’ liabilities is to form a limited liability company.
A limited liability company is a separate legal entity to those who own or manage the company and therefore the personal wealth and assets of a company’s owners/officers are not at risk even if the company cannot meet its debts and obligations.*
*It is worth noting that there are exceptions to this default position including if you have a signed a personal guarantee as a company director.
If you need any advice or assistance:
Please contact the Corporate and Commercial Team at Poole Alcock on 0800 389 7093 or complete a contact form and we will call you back.
Please submit your information and a member of the Poole Alcock team will respond to you as soon as possible. If you have a quick question, please feel free to call 0800 389 7093
Poole Alcock LLP is a Limited Liability Partnership and is authorised and regulated by the Solicitors Regulation Authority. Registered in England and Wales at: 2nd Floor, 34-36 High Street, Nantwich, Cheshire, CW5 5AS. Telephone: 01270 625478. LLP registration number 0C310420 Poole Alcock LLP has offices in Alsager (SRA No: 408249), Congleton (SRA No: 408248), Crewe - Nantwich Road (SRA No. 639144.), Nantwich - The Dowery (SRA No: 408250), Nantwich - High Street (SRA No: 408247), Sandbach (SRA No: 408252) and Wilmslow (SRA No: 654460). The firm's VAT number is 278 8524 07. A list of members is available for inspection at any of our offices. We use the word "partner" to refer to a member of the LLP. All solicitors are subject to rules and principles of professional conduct. The SRA Standards and Regulation including our code of conduct can be found at SRA | SRA Standards and Regulations | Solicitors Regulation Authority
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